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The TIF-.request will be considered by the Elk River Economic Development <br />Authorty'at its May, 8 meeting. The EDA is expected to authorize the <br />preparation of a Tax Increment Financing Plan- and will likely recommend' <br />than the City Council schedule a public hearing on this matter:. <br />The-:EDA is proposing the construction of a "Economic Development TIF <br />District". These Districts are .designed to last a short period of time: Because <br />of legislation approved in 1990, it is expected that the city will ose>a portion <br />of its state aid as a consequence of setting up a new TIF District. However; <br />at an EDA workshop in January, those present considered the .long-term <br />benefits of new TIF Districts. It was agreed that future requests for TIF <br />assistance would be evaluated on a-case by case basis:. Criteria for <br />establishing new TIF Districts. included the type of user, jobs created or <br />retained, and the finished :product. <br />Below is a proposed timetable to complete Neos' request for TIF assistance: <br />May 8 - City Council sets public hearing date to consider TIF Plan. <br />Mid May - TIF Plan is.sent to School District and County.-Board fQr review <br />and'commerit. <br />May 16 - County Board meeting. <br />May 23 - School Board meeting. <br />May 23 - Planning Commission reviews TIF Plan. <br />May 31 - EDA TIF hearing notice published in the Star News; <br />City Council TIF hearing notice published in .the Star News; <br />June 12 = EDA conducts public hearing-and adopts TIF Plan; <br />June,19 - City Council conducts public hearing on TIF Plan. " <br />Action Requested <br />The Elk River City Council is asked to schedule a public. hearing-for. June 19, <br />1995, to consider a Tax Increment Financing Plan for a new Tax Increment <br />Financing District: <br />